§ 58.1-439.17. Grants in lieu of or in addition to tax credits
Notwithstanding any provision of this article, the Tobacco Indemnification and Community Revitalization Commission may establish a grant program for purposes of encouraging qualified investments and eligible research and development activities in tobacco-dependent localities. If the Commission elects to establish such a program, the program may replace or may be in addition to the tax credits established under this article. The criteria for taxpayers to receive grants shall be the same as the criteria for taxpayers to be allowed tax credits under §§ 58.1-439.13 and 58.1-439.14. In any case where a grant is awarded to a taxpayer for any investment under § 58.1-439.13 or for eligible research and development activity under § 58.1-439.14, such taxpayer may not use such investment or research and development activity as the basis for claiming any credit provided under the Code of Virginia.
(2000, c. 1042.)
Sections: Previous 58.1-439.12:01 58.1-439.12:02 58.1-439.13 58.1-439.14 58.1-439.15 58.1-439.15:01 58.1-439.16 58.1-439.17 58.1-439.18 58.1-439.19 58.1-439.20 58.1-439.21 58.1-439.22 58.1-439.23 58.1-439.24 NextLast modified: April 16, 2009